Middle East
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Dubai’s DP World has again bought shipping operator P&O Ferries for £322m, 13 years after the port operator first acquired the company. -
State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.
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Bahrain Mumtalakat Holding Company, the country's sovereign wealth fund, has tightened price guidance for its five year sukuk with order books for the deal already over $2.5bn.
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Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.
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Middle East issuers are expected in the bond market in droves, with Egypt and Mashreqbank leading the charge this week.
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Bond volumes from the Middle East are likely to outstrip last year’s, thanks to some jumbo-sized new issues. But before the giants awake, a debut borrower is set to emerge next week.
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Mashreqbank printed its $500m five year dollar bond on Tuesday, with orders for the deal topping $1.8bn and leads reporting strong Asian demand for the note.
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A pair of Middle Eastern borrowers hit screens announcing bond roadshows on Monday, marking the end of a period of scanty supply for what is expected to be the busiest region in emerging markets bonds this year.
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Saudi Aramco is rumoured to have mandated banks for a bond planned later this year, but bankers and investors believe there is still a long road before a deal emerges.
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Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.
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The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.
